On The Cheap

There Are Bargains To Be Found In The 10 Priciest Suburbs

September 13, 1991|By Brian Edwards.

If you think hunting for a home in Chicago`s 10 priciest suburbs is strictly for the ``Lifestyles of the Rich and Famous`` crowd, think again.

Although the 1990 U.S. Census lists the cheapest median home value in the 10 suburbs at a cool $426,700 (meaning half the homes are worth more than that figure and half are worth less), there are bargains to be found in these places-or at least in some of them.

In examining real estate transactions, the Tribune found homes in seven of the suburbs that sold for less than $250,000 in the last year. In some cases, houses or condominiums sold for less than $150,000.

Assuming, then, that there are buyers who want to live among the champagne-and-caviar crowd on a beer-and-pretzels budget, we went out and queried real estate professionals in each of the areas: ``How do you find a bargain in (fill in the blank)?`` The answers we got were varied, and even interesting.

To be fair to the real estate professionals who`ve commented here, two points should be made. First, there are bargains in each price range, not just in the $250,000 and below market. As David Robbin, president of Kahn Realty Inc., points out: ``A home that`s priced at $150,000 but is worth only $125,000 isn`t much of bargain.`` By the same token, Robbin says, a million-dollar mansion with a motivated seller who`ll accept $900,000 is a steal.

Second, the brokers and salespeople mentioned here aren`t necessarily specialists in selling ``cheap`` properties in the most sumptuous suburbs. And all of them would agree that the best way to seek out the bargains in the suburbs we`ve examined is by working with a qualified professional who will help you find a home that suits your needs and your finances.

And remember, even Robin Leach is doing commercials for the ``smart and thrifty`` these days.

Kenilworth

Traditionally one of the highest-ranking areas in the country in terms of median income, Kenilworth also rates near the top of the heap in median home values, checking in at the $500,000-plus mark. But there are bargains throughout Kenilworth, particularly in the ``fixer-upper`` category that proves the rehab boom is not just happening in Chicago.

``Rehabbing is rehabbing; it doesn`t matter where you go,`` says George Dadian, broker and owner of Kenilworth Realty. ``Kenilworth is no different. It`s an older community, so you`ll find a lot of homes that are 85 to 100 years old, and when they get to be that old, that house is very tired. They`re prime (homes) to go into and modernize the kitchen, modernize the bath, decorate and then either live in it or sell it,`` he says.

Though Kenilworth has a lot of high-end houses, like a $2 million home that was renovated and relisted for close to $5 million, it also has plenty of homes with renovation potential that sell for around $200,000, says Dadian.

How to find them? Talk to your Realtor and target the homes with the most potential for upgrading, says Dadian, who adds: ``Look for the cheapest place on the block. You don`t want to buy a house that costs $200,000 on a block full of $200,000 homes. You want to buy a $200,000 home on a block of homes that sell for $350,000 to $500,000.``

Mettawa

One would be hard-pressed to find anything for less than $350,000 in tiny Mettawa, where high prices, strict zoning requirements-lots are at least 5 acres-and a limited housing inventory keep the number of listings to a minimum.

When we looked, only four homes were on the market in Mettawa (which also has a $500,000-plus median home value), including a three-bedroom ranch for $899,000 and a five-bedroom home on 26 acres for $1.75 million.

The closest thing to a Mettawa bargain was a recent $247,000 sale of a home in the nearby Forest Haven subdivision, an unincorporated area with one- acre lots that Lake Forest could also claim, according to Tom Cavaliere, broker and partner at Century 21 Mid-West Inc. in neighboring Vernon Hills. The chances of finding anything in the $250,000 range in Mettawa proper are remote, he says. ``For that price on 5 acres, I`d tear the house down,``

Cavaliere notes.

Lake Forest

Homes in leafy Lake Forest have a median value of $493,000, but the town`s sheer variety of housing makes it fertile ground for cultivating bargains.

Condominiums are one of the best bargains in Lake Forest these days, says Bobbie Hornacek, broker and manager of the Lake Forest office of Baird & Warner. Hornacek cites one buyer who snatched up a condo last April for $165,000, a year after the condo was initially listed for $216,000.

``They were not unrealistic asking prices (at the time), but the market just wouldn`t take, and in order to get them sold, (the developer) just had to lower the prices,`` she says, noting that Lake Forest condominiums that sold for $250,000 two years ago often sell for $190,000 to $200,000 now.